Veon withdraws offer for Global Telecom

Nieuws Mobiel Ecuador 3 APR 2018
Veon withdraws offer for Global Telecom

Veon announced that it has withdrawn its offer to buy out its Egypt-based subsidiary Global Telecom. The company said it notified the Egyptian Financial Regulatory Authority that, given the lapse of time and absence of approval, Veon is withdrawing the mandatory tender offer filed in November 2017 and does not intend to proceed with another bid at this time.

Global Telecom is already majority controlled by Veon. The holding company manages its operations in Algeria (Djezzy), Pakistan (Jazz) and Bangladesh (Banglalink). The bid to buy the remaining 42.3 percent of shares was worth EGP 15.7 billion (EUR 767 million). 

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Veon

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Regulations, M&A buyouts & divestments

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